Why Cancer Insurance Is Worth Its Weight In Gold?

Do you know how many people die of cancer, each year? Cancer.org reveals that there are around 1,685,210 new cases of cancer detected and 595,690 deaths due to cancer in the US, per year.

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    Isn’t it terrifying?

    Getting diagnosed with a deadly disease like Cancer can be the worst nightmare of anyone. However, we cannot escape the fact that, with our changing lifestyle, the risk of getting cancer has increased. With the increasing probability of getting cancer, the cost of cancer treatment has also increased manifold.  

    This is where cancer insurance policy provides an optimal solution. Cancer Insurance Plans are designed to bear the financial burden that the disease can bring upon you and your family.  Though cancer insurance bridges the long gap between the inclusions and exclusions provided by your health insurance plan, the confusion still remains intact- is it worth the extra cost?

    Here, we have tried to answer this question, read on to find the answer…

    What is Cancer Insurance?

    Cancer insurance acts as a supplementary insurance that covers the excessive medical expenses of cancer care. The cancer insurance policy provides coverage for the costs related to cancer diagnosis and treatments that include hospitalization, chemotherapy, radiation, surgery, etc. The sum assured is determined on the basis of the current stage of cancer- minor, major or critical - Besides, there are a lot more that come under a cancer insurance policy. They are as follows:

    • The cancer insurance policies do not offer any death, maturity or surrender benefit.
    • The preexisting cancerous conditions are not eligible for the supplementary cancer coverage.
    • Under cancer insurance policies, a premium waiver is available if  the cancer is detected at an early stage.
    • In case of detection of a major cancer, a monthly income is paid out for a specific number of years.
    • Apart from this, non-medical costs that can be covered with a comprehensive cancer policy can include child care expenses, home health treatment, income benefits and dietary plans.

    How Worthy is Cancer Insurance?

     A lot has been discussed about cancer insurance and similar disease-specific health insurance plans. While some people believe in the importance of cancer insurance, others are of the belief that such insurance plans are not worth the extra cost. If you are planning to buy a cancer insurance plan, it is important to keep in mind some the important aspects of it.

    • How Risky is it?

      It may make sense to buy cancer insurance if you have a medical history of cancer in your family. As a supplementary policy, you can check on how it is complimenting your current policy. However, it is prudent to note that cancer insurance only starts if you are diagnosed with the diseases. In case of other chronic diseases, cancer insurance policy does not come into action.

    • Should You Consider Upgrading Your Present Health Insurance Plan?

      For individuals, who are at a higher risk of getting affected cancer, upgrading their current health policy is a better alternative rather than buying a separate cancer protection plan. Instead of adding a standalone cancer policy, upgrading your current plan may probably cost you less and perhaps, it would provide you a broader coverage as compared to a cancer-specific insurance plan.

    • Do the Two Policies Provide you the Double Coverage?

      Having both a cancer insurance policy and a comprehensive health insurance policy doesn’t essentially mean that you will get the double benefits. The best cancer insurance plans have a perfect coordination of benefits clause that states that it does not cover various expenditures that the other plans do. So, you should keep in mind that by purchasing a cancer insurance plan, you may degrade the coverage of your primary health insurance plan.

    How Economical is it to Cope with Cancer?

    The cost of cancer treatment is considerable and unpredictable, as it can recur even after a successful treatment. With newer medicines and technological developments in the field of medical sciences, the survival rates of the cancer patients have improved significantly and so are the costs of cancer treatment.

    The image below shows the rising cost of treatment in India.

    how worthy is cancer insurance

    The above figure is not comprehensive, as it covers only treatment, whereas there are numerous factors that determine the actual cost of cancer treatment. The following figure by mintwise.com perfectly allocates the real cost of cancer depending on various factors working together. 

    factors on which cancer insurance cost depends

    What Should You Keep in Mind Before Buying Cancer Insurance?

    The range of expenses covered and intent of coverage provided by cancer insurance can seem attractive at first glance. But before you purchase a cancer insurance policy, it is vital to know what exactly it covers. Moreover, comparing the benefits of your present health insurance policy can save you from spending extras. By comparing some of the best cancer insurance plans, you can choose the one that suits your needs the best. Investing in a cancer insurance policy does not make any sense if your health insurance policy covers most or all of the same medical expenses.

    In The End!

    We always hear that prevention is better than cure. But, what still is beyond our knowledge is how to prevent cancer. So, a better alternative to prevention is preparation. Everyone should be prepared both mentally and financially to fight this deadly disease if it ever overshadows their life. To be honest, there are very few options available to keep ourselves financially prepared against such an unwanted affliction other than investing in a cancer insurance plan.

    Written By: PolicyBazaar - Updated: 18 August 2021
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